Day: January 29, 2024

Forget Bitcoin Hitting $70,000, Prices Must First Fall To This Key Support Level

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Bitcoin enthusiasts may need to temper their expectations for a rapid ascent to $70,000. On January 28, a crypto analyst thinks the world’s most valuable coin must fall back to $30,000, a critical support level, before resuming its uptrend. Bitcoin Must Fall: Path To $30,000? CryptoCon, a crypto analyst, cites historical price performance to support this assertion. Specifically, the argument is that no Bitcoin cycle has reached its recent high without first revisiting the monthly least square moving average (MA). Currently, this MA is at $30,358. If past performance guides,…

could L2 solutions undermine cryptocurrency core ethos?

The layer-2 (L2) scaling solutions ecosystem is booming. Can crypto achieve scalability without sacrificing decentralization? The congestion and high transaction fees in established blockchains like Ethereum (ETH) and Bitcoin (BTC) have sparked a need for additional solutions to handle the increased demand. The L2 sidechains such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC) emerged as an attempt to enhance transaction capabilities while ensuring smooth and orderly operations. In short, layer-2 solutions are additional protocols or frameworks constructed on existing blockchains to improve scalability and transaction throughput. They come in various…

Grayscale Bitcoin ETF (GBTC) Outflow Slows After $5B Bleed: CoinShares

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GBTC, the largest and longest-running bitcoin fund recently converted into an ETF from a closed-end structure, endured $2.2 billion of net outflows through last week, while newly-opened U.S. bitcoin ETFs saw just $1.8 billion in net inflows, according to the report. Adding net outflows from global vehicles, crypto-focused funds endured a net $500 million in exits, according to CoinShares. Original

How AI and DePIN Will Change Web3

Further, frameworks for connecting, standardizing, and managing populations of AI agents with various goals have started to emerge. Autonolas is one such project, generating bots for trading market participation, as well as deployment in governance procedures. If you want to understand a single agent, remember Botto, a generative AI model that outputs art curated by a DAO, incentivized by a token feedback loop. Or consider Numerai, a hedge fund that runs a token-incentivized competition for data scientists to build AI algorithms for a trading software brain. There will be many…

DeFi Insurer Nexus Mutual (NXM) Requests $153K for 6-Month Budget

The funding request is a 41% decrease from the project’s previous team budget. Much of the drop can be attributed to nearly $100,000 in unspent funds earmarked for the former head of marketing, who left in August. Marketing responsibilities will be shouldered by Nexus Mutual’s Community team, the blog post said, but there are plans to eventually fill the role, Community team lead BraveNewDeFi told CoinDesk. Source

Crypto Exchange Predicts 1000x Returns On XRP Price With Ambitious Rise To $594

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Crypto exchange Changelly has laid out an all-encompassing price prediction for XRP. As part of this prediction, the platform stated that the crypto token would rise to as high as $594 and gave a definite timeline for when this would happen.  When Will XRP Price Rise To $594? Changelly predicts that XRP will rise to $594 in 2050, with that representing the maximum price level that the crypto token can attain by then. Meanwhile, $512 and $540 are predicted as what will be the minimum and average prices for XRP…

As Blockchains Push Toward Decentralization, These People Serve as Ultimate Guardians

The goal of these “protocol councils,” sometimes called “security councils,” is to nudge the nascent networks toward increasing decentralization, by gradually removing them from under the control of their original developers. Before cutting the cord completely, where the networks essentially run automatically, or subject to some sort of democratic process, the thinking is that a panel of well-meaning humans can serve as the ultimate guardians – able to step in quickly when emergencies arise, or providing the final sign-off on major protocol changes. Source

Bitcoin Price (BTC) to Hit $170K After Halving: Hedge Funder Scaramucci

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OKX to support Doginals, other inscription standards in marketplace

OKX has expanded its digital asset offerings by integrating various inscription token standards, including Dogecoin Ordinals, into its wallet and marketplace. The integration process begins with the Bitcoin token standard, SRC-20 (Stamps), allowing users to view and transfer different inscription standards. OKX Wallet plans to incorporate ARC-20 (Atomicals), DRC-20 (Doginals), and Runes by late February. Concurrently, the OKX Marketplace will integrate these standards, enabling the purchase and sale of DRC-20, ARC-20, and Runes inscriptions without fees. The development is part of a broader trend where new token standards on various…